Apple Shares Suffer Crazy Mood Swings On The First Day Of Trading After US Credit Rating Downgraded
Many thought the first trading day after Standard & Poor’s downgraded the U.S. creditworthiness to AA+ would elicit some reaction from Wall Street. However, Monday has been crazy on the big board, with Apple leading other shares for wild swings.
Traders placed per-share options as low as $335 to as high as $400 30 minutes afters the day’s open, as the Cupertino, Calif. tech giant became the most-active stock, leading the likes of CitBank, Bank of America and General Electric.
Concern over such wild fluctuations was expressed earlier when we reported that the iPhone represents 49.2 percent of Apple’s value. This caused one analyst to warn the handset could have an “outsized impact” on Apple stock.
Ed Sutherland is a veteran technology journalist who first heard of Apple when they grew on trees, Yahoo was run out of a Stanford dorm and Google was an unknown upstart. Since then, Sutherland has covered the whole technology landscape, concentrating on tracking the trends and figuring out the finances of large (and small) technology companies.
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